Breaking news

Health industry consolidation boosts AfroCentric performance

[Johannesburg, 20 September 2017] -

AfroCentric Group results highlight a boisterous growth of 43% in normalised headline earnings per share for the 2016/17 financial year. Driven by a 49% increase in operating profits and an overall 20% revenue increase, the group's performance shows exploits made through the consolidation of the private healthcare sector.

Group CEO Antoine van Buuren says: "We are focused on doing the basics right, our focus on health administration helps our client schemes to directly benefit consolidations. We attract schemes who want to benefit from our experience and economies of scale in administration and managed care." In the past year, Medscheme (AfroCentric's largest subsidiary) facilitated the merger of Liberty Medical Scheme and Community Medical Scheme into Bonitas Medical Fund.

Van Buuren also points out the group's other subsidiary, Pharmacy Direct, now processes in excess of 500 000 scripts per month. "The demand for services of this entity have resulted in the operation becoming a 24-hour business. Pharmacy Direct delivers chronic medication to patients on chronic medication in seven of the nine provinces in the country," he explains.